AFPAX — DSS AmericaFirst Income Fund
Data updated: 2025-09-08
AFPAX — DSS AmericaFirst Income Fund. United States Multi-Cap / All-Cap Value Equity · $11.11M AUM. Holdings, fees, performance and SEC filings.
AFPAX Fund Overview
AFPAX — DSS AmericaFirst Income Fund is a US mutual fund managed by Dss Americafirst Funds, categorised as United States Multi-Cap / All-Cap Value Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Dss Americafirst Funds
- Category: United States Multi-Cap / All-Cap Value Equity
- Assets under management: $11.11M
- 1-year return: 2.5%
- Ticker: AFPAX
- SEC CIK: 0001539996
- SEC series ID: S000036987
- Share class ID: C000113165
AFPAX Investment Objective and Strategy
DSS AmericaFirst Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Dss Americafirst Funds.
Investment objective
The Fund seeks a high rate of current income with less volatility than common stocks as measured by the standard deviation. The Fund seeks total return as a secondary investment objective.
Principal investment strategy
The Fund seeks to achieve its investment objective by investing in a portfolio of high income securities that may include (but not limited to) stocks, preferred stocks, master limited partnerships (MLPs), convertible preferred stock, convertible bonds, real estate investment trusts (REITs), and bonds (including high-yield securities, commonly called junk bonds) selected by applying a rules-based model. The Fund may rebalance a significant portion of its holdings on a quarterly or more frequent basis based upon the results of the model. The Fund may hold significantly higher than normal short-term cash positions during rebalancing or when market conditions warrant. The Fund may employ seasonal and/or market timing trading strategies based upon the Advisors rules-based model. The strategy upon which the Fund is based was developed by the Funds advisor, AmericaFirst Capital Management, LLC.
The Fund invests without restriction as to issuer capitalization, maturity, credit quality or whether the security is foreign or domestic. Foreign bonds may include both domestic and sovereign bonds. Additionally, the Fund may invest in the shares of investment companies that are exchange-traded funds (ETFs) that invest in securities that are consistent with the Funds investment objective and policies. These ETFs include those with inverse market exposure and leveraged ETFs. Inverse ETFs are designed to produce results opposite to market direction, which may serve to hedge portfolio investments. Inverse ETFs seek daily investment results, before fees and expenses, which correspond to the inverse (opposite) of the daily performance of a specific benchmark, such as the S&P 500 Index. The Advisor does not rebalance inverse ETFs positions daily to adjust for daily changes in the reference index.
Leveraged ETFs seek to use financial derivatives and debt to amplify the returns of an underlying index.
AFPAX Holdings
Top 10 holdings of DSS AmericaFirst Income Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Federated Hermes Institutional Prime Obligations Fund | 11.90% |
| Huntington Ingalls Industries, Inc. | 5.05% |
| Barrick Gold Corp. | 4.49% |
| Newmont Corp. | 4.38% |
| Broadcom, Inc. | 4.29% |
| Jackson Financial, Inc. | 4.18% |
| Agnico Eagle Mines Ltd. | 4.02% |
| Philip Morris International, Inc. | 3.97% |
| Himax Technologies, Inc. | 3.43% |
| The Blackstone Group, Inc. | 3.28% |
AFPAX Portfolio Allocation
Asset-class allocation of DSS AmericaFirst Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 87.6% |
| Cash & Equivalents | 11.9% |
AFPAX Performance
Total returns for AFPAX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 2.5% |
| 3 years (annualised) | 4.3% |
| 5 years (annualised) | 8.3% |
AFPAX Risk Information
Risk metrics for AFPAX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 12.9%
AFPAX Costs and Fees
AFPAX costs about $262 per $10,000 invested per year in fund expenses.
- Net expense ratio: 2.62%
- Gross expense ratio: 2.97%
- Portfolio turnover: 156%
- Brokerage commissions: 8.12 bps of average net assets (SEC N-CEN)
AFPAX Cashflows
Over the 12 months to 2025-06, DSS AmericaFirst Income Fund had net outflows of $15.11M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2025-06 | −$123.91K |
| 2025-05 | −$210.61K |
| 2025-04 | −$291.47K |
| 2025-03 | −$6.38M |
| 2025-02 | −$4.72M |
| 2025-01 | −$371.61K |
AFPAX Debt Constituents
No individual debt constituents are reported in DSS AmericaFirst Income Fund's latest SEC N-PORT filing.
AFPAX Prospectus and SEC Filings
Official DSS AmericaFirst Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2024-10-28
- Prospectus (485BPOS) — filed 2023-10-24
- Prospectus supplement (497) — filed 2024-10-31
- Portfolio holdings (N-PORT) — filed 2025-08-28
- Portfolio holdings (N-PORT) — filed 2025-05-28
- Portfolio holdings (N-PORT) — filed 2025-02-25
- Annual census (N-CEN) — filed 2025-09-08
- Annual census (N-CEN) — filed 2024-09-12
Related Funds
Other United States Multi-Cap / All-Cap Value Equity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.